• by Karlene Lukovitz  @KLmarketdaily, November 3, 2022

While Elon Musk immediately abandoned his vow to advertisers not to turn Twitter into a “free-for-all hellscape” when he tweeted conspiracy theories earlier this week, it appears that he was in earnest when he told Twitter employees last week that he would not lay off 75% of the workforce. 

Instead, Musk (who christened himself 'Chief Twit' on his own Twitter profile) plans to lay off half of the workforce, or about 3,700 jobs, this Friday, according to Bloomberg sources. 

In speaking with Twitter employees, Musk made a show of denying a Washington Post report — based on what he is said to have told some potential investors — that he planned to lay off 75% of the platform's 7,500 workforce. 

He also plans to reverse the company’s permanent work-from-home policy, launched two years ago at the start of the COVID pandemic, and require that remaining employees return to the office full-time, with some exceptions, per the report. 

Twitter declined to respond to the report. 

Employees engaged in content moderation may be among those facing the chopping block, given that Musk has repeatedly expressed his intention to open the platform to all voices, and bring back those who have been banned for violating Twitter's content policies, as Donald Trump was for misusing the platform in relation to the Jan. 6 insurrection.

However, this week, Musk declared that the platform will create a council comprising "widely diverse viewpoints" to moderate content, and swore that "no major content decisions or account reinstatements will happen before that council convenes," and that creating a "clear process" for reinstatement will take "at least a few more weeks."

In addition to slashing personnel costs for the platform — which is burdened with $13 billion in debt financing and is currently valued far below the $44 million he and his various co-investors paid for it — Musk on Tuesday confirmed that he is upping the price of a Twitter Blue subscription from $4.99 to $8 per month, and requiring a subscription in order to hold verified status.

The fees drew heat from many users, including U.S Rep. (NY) Alexandria Ocasio-Cortez, who scoffed at a "billionaire earnestly trying to sell people on the idea that 'free speech' is actually a $8/mo subscription plan," adding: "One guy’s business plan for a $44 billion over-leveraged purchase is apparently to run around and individually ask people for $8" (above).

Musk thanked her for her feedback, adding, "now pay $8," and posted an image of a $58 AOC campaign sweatshirt.